Abby Connolly
“We worked hard to get where we are, and we intend to enjoy the rewards of that before we’re elderly. We also don’t want our kids to be counting down the days until we die so they can get our money and never work again.”
He and his wife decided they’d continue to work until their young son graduated high school. Then, they’ll use their money to travel and live their lives to the fullest.
Of course, they’ll set aside some rainy day funds, but they’ll want to use up a lot of their money for adventures. The plan is that their children will get a portion of whatever money they have left after passing away, but the kids shouldn’t expect to receive anything big.
They avoided having a conversation about their financial plan with their kids for as long as possible. However, he recently had a health scare after being treated for a precancerous mole. Eventually, he was asked by his eldest daughter what he and his wife wanted to do with their money.
“I explained the money situation,” he recalled. “This really upset her [and] she accused us of caring more about partying than her and her siblings’ wellbeing.”
He tried explaining to his daughter that he wants her and her siblings to work hard and make their own way in life versus waiting around for a handout. However, she was still very upset and even told her sister, who is now also angry with him.
He thinks in the end, what he and his wife want to do with their money is not their children’s business. However, now he’s starting to feel bad for not telling them what they were thinking sooner.
Do you think his financial plan is unfair to his children, or is it reasonable?
You can read the original post on Reddit here.
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